- The operation will be one of the first and only commercial scale facility able to purify and isolate rare earth elements in the United States
- Company's chromatography process utilizes the most environmentally-safe purification method and eliminates the need to rely on China for the final steps in the rare earth element refining process
- Facility will be designed with multiple production lines to process various feedstocks from its "Capture. Process. Purify." technology chain
FISHERS, IN / ACCESSWIRE / August 18, 2021 / American Resources Corporation (NASDAQ: AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today announced that it has finalized its site selection to build its first commercial scale rare earth element purification and isolation facility in the United States. The secured site provides 6.9 acres of developable land with the goal of scaling into an 80,000 square foot facility for purifying and isolating rare earth and critical elements utilizing ligand assisted displacement ("LAD") chromatography technology. The site is based in Noblesville, IN in an existing industrial area that provides access to commercial water and power, and well located for convenient logistics.
Mark Jensen, Chairman and CEO of American Resources Corporation commented, "We have set a goal to be one of the first to produce an isolated and purified rare earth element in the United States on a commercial scale and have now secured a site that is well suited to scale our facility to commercial production. With this facility we are confident that we will be able to accomplish our goals. Our feedstocks are abundantly available and cost effective in the domestic market with approximately $3 billion worth of rare earth elements going to landfills from end-of-life products every year, and over 1 billion tons of fly ash landfilled, which is made attractive given our processes' ability to utilize favorable biproduct economics. This is an exciting moment for our team as we can now finalize the designs and begin ordering components for the build phase of this project."
The Company's REE purification facility will leverage LAD chromatography through its previously announced, exclusively license in concert with Hasler Ventures and partnership with Purdue University. Its technology is being designed to handle a multitude of feedstocks, including recycled permanent magnets, lithium-ion batteries, as well as various coal-based waste and byproducts such as fly ash, and is a significantly environmentally safer purification process compared to conventional solvent-based extraction methods.
The facility represents the final stage of American Resources Corporation's REE process chain, defined as "Capture. Process. Purify.", enabling the Company to commercially produce rare earth oxides, lithium, and cobalt from domestic sources. The facility will allow American Resources Corporation to be a first mover to purify and isolate the elements for sale directly to manufacturers of green technology components such as permanent magnets and batteries in the United States.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
PR Contact:
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
AREC@jtcir.com
Company Contact:
Mark LaVerghetta
317-855-9926 ext. 0
Vice President of Corporate Finance and Communications
SOURCE: American Resources Corporation
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